Government securities amendment expands application across states and alters transfer and definition provisions, with repeal of outdated public debt law. The Finance Bill, 2025 amends the Government Securities Act, 2006 to specify territorial application (initially to certain States and all Union territories, with adoption by other States under Article 252), updates the preamble and section 2 references to reflect Union territory status for Jammu and Kashmir, revises definitions and drafting in sections 2 and 3, deletes subsections (1) and (2) of section 31, preserves transfer restrictions under clause (f) in section 5(4), removes specified terms from section 32(2)(a), and repeals the Public Debt Act, 1944 with a saving clause.
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Government securities amendment expands application across states and alters transfer and definition provisions, with repeal of outdated public debt law.
The Finance Bill, 2025 amends the Government Securities Act, 2006 to specify territorial application (initially to certain States and all Union territories, with adoption by other States under Article 252), updates the preamble and section 2 references to reflect Union territory status for Jammu and Kashmir, revises definitions and drafting in sections 2 and 3, deletes subsections (1) and (2) of section 31, preserves transfer restrictions under clause (f) in section 5(4), removes specified terms from section 32(2)(a), and repeals the Public Debt Act, 1944 with a saving clause.
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